What News Student Loan Rules Mean for Students
If you attend college or are the parent of a college student, you know the expense of getting a college degree. President Obama unveiled plans that could give millions of college students the boost they need on their loan payments. Here in West Tennessee at Freed-Hardeman University, one financial aid expert broke down the numbers President Obama’s “Pay as You Earn” plan and what it will mean to college students. “A teacher starting out a $30,000 a year with about $25,000 in loan payments, the standard payment was $258 per month. Under the new way, the payment will be reduced down to $171 a month,” said Anthony Buttram, a financial aid loan officer at Freed-Hardeman University. Nationally, the cost of a full credit load has passed $8,000. The Obama administration said the changes in rules for student loans will not cost taxpayers any additional money.